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London wheat closed down 10p but last night’s USDA report published near to the London market close, so there may be some reaction first thing.
The USDA report summary:
Corn – bearish, yields put at 169.9 bushels / acre, if true would see stocks to use ratio at 12 year high. Corn markets initially fell post report but did recover, values closed at market lows and ‘perceived’ cheap.
Soya – bearish, yield / crop maintained previous big crop forecast.
Wheat – neutral, but traded up as report indicated world stocks slightly reduced, although it estimated Russian wheat crop at 81 mmt.
Sterling maintains gains, euro worth roughly 90p (92p last week), UK budget announced for Wednesday 22 November.
Australian wheat production lowest for 9 years and canola lowest crop since 2010.
Brent crude close to $55 barrel author: Joe Beardshaw